Longboard Asset Management LP Invests $269,000 in NewMarket Corporation $NEU

Key Points

• Longboard Asset Management LP has acquired a new stake in NewMarket Corporation worth approximately $269,000, purchasing 389 shares during the second quarter.
• NewMarket Corporation recently reported earnings per share (EPS) of $11.84 for the quarter, with a net margin of 17.28% and revenue of $698.51 million.
• The company has declared a quarterly dividend of $2.75, to be paid on October 1st, translating to an annualized dividend yield of 1.3%.

Longboard Asset Management LP acquired a new stake in NewMarket Corporation (NYSE:NEU - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 389 shares of the specialty chemicals company's stock, valued at approximately $269,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Gallacher Capital Management LLC increased its holdings in NewMarket by 17.8% during the 2nd quarter. Gallacher Capital Management LLC now owns 1,409 shares of the specialty chemicals company's stock worth $974,000 after purchasing an additional 213 shares during the period. Parallel Advisors LLC increased its stake in shares of NewMarket by 2.1% during the second quarter. Parallel Advisors LLC now owns 740 shares of the specialty chemicals company's stock valued at $511,000 after buying an additional 15 shares during the period. WBI Investments LLC increased its stake in shares of NewMarket by 180.5% during the first quarter. WBI Investments LLC now owns 1,989 shares of the specialty chemicals company's stock valued at $1,127,000 after buying an additional 1,280 shares during the period. Impala Asset Management LLC purchased a new position in shares of NewMarket during the first quarter valued at $36,819,000. Finally, Jane Street Group LLC increased its position in NewMarket by 1,081.3% during the 1st quarter. Jane Street Group LLC now owns 10,974 shares of the specialty chemicals company's stock valued at $6,216,000 after purchasing an additional 10,045 shares during the period. 61.09% of the stock is currently owned by institutional investors.

NewMarket Stock Down 0.7%

NEU traded down $6.01 on Monday, hitting $810.25. The company had a trading volume of 32,252 shares, compared to its average volume of 78,627. The stock has a fifty day moving average price of $770.89 and a 200-day moving average price of $669.26. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.43 and a current ratio of 2.66. NewMarket Corporation has a 12-month low of $480.00 and a 12-month high of $854.75. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 16.05 and a beta of 0.49.

NewMarket (NYSE:NEU - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $11.84 earnings per share (EPS) for the quarter. NewMarket had a net margin of 17.28% and a return on equity of 32.25%. The firm had revenue of $698.51 million for the quarter.

NewMarket Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $2.75 per share. This represents a $11.00 annualized dividend and a yield of 1.4%. The ex-dividend date is Monday, September 15th. NewMarket's payout ratio is 21.80%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded shares of NewMarket from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th.

NewMarket Company Profile

NewMarket Corporation, through its subsidiaries, primarily engages in the manufacture and sale of petroleum additives. The company offers lubricant additives for use in various vehicle and industrial applications, including engine oils, transmission fluids, off-road powertrain and hydraulic systems, gear oils, hydraulic oils, turbine oils, and other applications where metal-to-metal moving parts are utilized; engine oil additives designed for passenger cars, motorcycles, on and off-road heavy duty commercial equipment, locomotives, and engines in ocean-going vessels; driveline additives designed for products, such as transmission fluids, axle fluids, and off-road powertrain fluids; and industrial additives designed for products for industrial applications consisting of hydraulic fluids, grease, industrial gear fluids, and industrial specialty applications, such as turbine oils.